Insider Buying: Avis Budget Group (NASDAQ:CAR) Major Shareholder Acquires $40,060,500.00 in Stock

Avis Budget Group, Inc. (NASDAQ:CAR) major shareholder Pentwater Capital Management L bought 425,000 shares of the stock in a transaction on Friday, February 20th. The shares were acquired at an average price of $94.26 per share, with a total value of $40,060,500.00. Following the purchase, the insider owned 3,987,100 shares of the company’s stock, valued at $375,824,046. The trade was a 11.93% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Major shareholders that own at least 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Avis Budget Group Trading Up 7.2%

NASDAQ CAR traded up $6.30 during trading hours on Tuesday, reaching $93.99. The company’s stock had a trading volume of 1,417,112 shares, compared to its average volume of 794,450. The business has a 50-day simple moving average of $121.51 and a 200 day simple moving average of $138.33. The stock has a market cap of $3.31 billion, a PE ratio of -3.70 and a beta of 2.33. Avis Budget Group, Inc. has a 52 week low of $54.03 and a 52 week high of $212.81.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on CAR shares. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Avis Budget Group in a report on Wednesday, January 21st. Barclays dropped their target price on shares of Avis Budget Group from $150.00 to $120.00 and set an “equal weight” rating on the stock in a report on Monday, November 3rd. Zacks Research lowered Avis Budget Group from a “hold” rating to a “strong sell” rating in a research report on Thursday, February 19th. Susquehanna lowered their price objective on shares of Avis Budget Group from $145.00 to $130.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 29th. Finally, The Goldman Sachs Group set a $85.00 price target on shares of Avis Budget Group in a research report on Monday. One analyst has rated the stock with a Buy rating, four have given a Hold rating and four have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Reduce” and an average price target of $134.71.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of CAR. Pacer Advisors Inc. boosted its stake in Avis Budget Group by 138.3% during the 4th quarter. Pacer Advisors Inc. now owns 5,294 shares of the business services provider’s stock valued at $679,000 after purchasing an additional 3,072 shares during the period. First Citizens Bank & Trust Co. lifted its holdings in shares of Avis Budget Group by 1.8% during the fourth quarter. First Citizens Bank & Trust Co. now owns 7,754 shares of the business services provider’s stock valued at $995,000 after acquiring an additional 137 shares during the period. Empowered Funds LLC increased its position in shares of Avis Budget Group by 6.0% during the 4th quarter. Empowered Funds LLC now owns 3,417 shares of the business services provider’s stock worth $438,000 after purchasing an additional 192 shares in the last quarter. nVerses Capital LLC acquired a new position in Avis Budget Group in the fourth quarter valued at about $236,000. Finally, VARCOV Co. acquired a new stake in shares of Avis Budget Group in the fourth quarter valued at $331,000. Institutional investors own 96.35% of the company’s stock.

About Avis Budget Group

Avis Budget Group, Inc operates as a leading global provider of vehicle rental and mobility solutions. Through its two core brands, Avis® and Budget®, the company offers a broad range of rental options including daily, weekly and monthly car rentals for leisure and business travelers. In addition to traditional airport and off-airport car rental services, Avis Budget Group delivers innovative mobility platforms such as car-sharing programs and connected fleet solutions designed to meet the evolving needs of corporate, government and individual customers.

The company’s roots trace back to Avis Rent a Car, founded in 1946, and Budget Rent a Car, established in 1958.